Defines "preferential tariff treatment" as the customs duty rate for an originating good (Sec. 202).

Defines an "originating good" as a good that (Sec. 202):

Is wholly obtained in Korea, the United States, or both nations;

Is produced entirely in Korea, the United States, or both nations exclusively from originating materials; or

Consists of originating and non-originating materials, and any non-originating materials used to make the good have undergone a regional value content calculation and subsequent change in tariff classification.

Specifies that the tariff on passenger cars imported from Korea shall be 2.5 percent for years 1 through 4 of this agreement, and duty free for each year thereafter (Sec. 201).

Specifies that the tariff on electric cars imported from Korea shall be as follows (Sec. 201):

2 percent for year 1 of the agreement;

1.5 percent for year 2 of the agreement;

1 percent for year 3 of the agreement;

0.5 percent for year 4 of the agreement; and

Duty free for each year thereafter.

Requires the President to examine the effect of increased imports on domestic industry including, but not limited to, changes in exports, wages, market share, domestic prices, and profits when making a determination regarding import relief (Sec. 332).

Authorizes the President to exclude Korean imports that are a "substantial cause" of "serious injury or threat" (Sec. 341).

Defines "preferential tariff treatment" as the customs duty rate for an originating good (Sec. 202).

Defines an "originating good" as a good that (Sec. 202):

Is wholly obtained in Korea, the United States, or both nations;

Is produced entirely in Korea, the United States, or both nations exclusively from originating materials; or

Consists of originating and non-originating materials, and any non-originating materials used to make the good have undergone a regional value content calculation and subsequent change in tariff classification.

Specifies that the tariff on passenger cars imported from Korea shall be 2.5 percent for years 1 through 4 of this agreement, and duty free for each year thereafter (Sec. 201).

Specifies that the tariff on electric cars imported from Korea shall be as follows (Sec. 201):

2 percent for year 1 of the agreement;

1.5 percent for year 2 of the agreement;

1 percent for year 3 of the agreement;

0.5 percent for year 4 of the agreement; and

Duty free for each year thereafter.

Requires the President to examine the effect of increased imports on domestic industry including, but not limited to, changes in exports, wages, market share, domestic prices, and profits when making a determination regarding import relief (Sec. 332).

Authorizes the President to exclude Korean imports that are a "substantial cause" of "serious injury or threat" (Sec. 341).